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Judgment
This assessee’s appeal for Assessment Year 2023-24, arises against the CIT(A)-3, Noida’s DIN & order No. ITBA/APL/M/250/2025-26/1076923698(1) dated 11.06.2025, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the p arties at length. Case file perused.
The precise issue which arises herein for the tribunal’s apt adjudicatio n; as per both parties respective ple adings, is that of correctness of the learned lower authorities’ action assessing the assessee qua various bullio n items seized from her joint locker(s) maintained with her husband, in assessment order dated 28.03.2025 as upheld in the lower appellate discussion. There is no dispute be tween the parties that the above gold, jewe llery and bullion items etc. have been assessed to the tune of Rs.9,95,000/- in the assessee’s hands u/s 69 A of the Act.
Faced with this situation, learned counse l str aightway invites the trib unal’s attention to page 29 in the paper book indicating the correspo nding valuation report dated 31.01.2023. His endeavour therefore is to get the assessee’s case covered under the CBDT’s landmark benevolent circular No. 1916 dated 11.05.1992 permitting 500 gms. jewellery in case of a married women. T he Revenue case on the other hand is that the list of the seized items herein mainly involves 24kt. items including gold coins etc. which could no t be termed as “jewelry”. This tribunal’s find merit in the Revenue’s foregoing contentio n to this effect as o nly jewellery items are being sought to be g ranted benefit under the CBDT benevolent circular. I according ly see no merit in the assessee’s vehe ment contentio ns qua item Nos. 3, 4, 5 & 7 which includes only 24kt. gold coins assessed in her case.
Coming to the last item of raw gold weighing 60 gms., both the parties are fair enough in not disputing the fact that possib ility of various quality or quality issues etc. therein co uld be altogether ruled out. That being the case, it is deemed appropriate in the larger interest o f justice that the said raw gold of 60 gms. shall now be added to the extent of 30 gms. only in the asse ssee’s hands w ith a rider that the same shall not be treated as a precedent. Necessary co mputatio n shall follow as per law .
No other ground or arguments has been pressed.
This assessee’s appeal is partly allowed.